Statoil finds more oil off Newfoundland

Third discovery for company in Flemish Pass

West Aquarius drillling rig — Submitted photo

Statoil has announced a third oil discovery in the Flemish Pass Basin off Newfoundland and Labrador, a result from its summer exploration work.

The latest find was made on the Bay du Nord prospect, about 500 kilometres northeast of St. John’s and only about 10 kilometres from the discovery at the Harpoon prospect in the same offshore area, announced in June of this year.

Bay du Nord is also about 20 kilometres south of the discovery at the company’s Mizzen prospect, announced in 2010.

“The success of Bay du Nord is the result of an ambitious and targeted drilling campaign in the Flemish Pass Basin,” said Statoil’s exploration executive vice president Tim Dodson, in a statement issued by the company this afternoon.

“This discovery is very encouraging.”

As with the discovery at Harpoon, the exact amount of oil associated with the find has yet to be determined.

The Mizzen discovery has been estimated at 100-200 million barrels of oil.

“The Flemish Pass Basin is a strategic part of Statoil’s global exploration portfolio. We are now planning to return to the area for further appraisal drilling in the future,” Dodson said.